Identifying Business Opportunities.pptx

Identifying Business Opportunities

1. Good Afternoon!

2. IDEA OPPORTUNITIES PRODUCT INNOVATION DEVELOPMENT Give a brief explanation why does these words are interrelated to business?

3. Identifying Business Opportunities

4. Learning Objectives: Identify the needs in the community; List community issues and come up with a solution by looking at them as business opportunities; and Explain the importance of business to the community.

5. List the top two concerns or difficulties in your community and consider how you may capitalize on them.

6. Ideation Strategies and Development into a business idea and niche

7. Ideation Strategies and Development into a Business Idea

8. What is Ideation? Ideation is the process of coming up with an idea. By using creativity and questions like “What if?” to imagine ways something can be done differently.  

9. How does Ideation works?

10. Five Stages of Design Thinking 1. Empathize - is the work you do to understand people, within the context of your design challenge. 2. Define - the design process is all about bringing clarity and focus to the design space.  3. Ideate - is the mode of the design process in which you concentrate on idea generation. 4. Prototype - is the iterative generation of artifacts intended to answer questions that get you closer to your final solution. 5. Test - is when you solicit feedback, about the prototypes you have created. 

11. Opportunities identification - is actually a process that's found in the way that individuals and businesses with an entrepreneurial mindset approach new business ventures or ideas. The Five C’s of Opportunity Identification Circumstance Context Constraints Compensating behaviors Criteria

12. 1. Circumstance - The specific problems a customer cares about and the way they assess solutions is very circumstance contingent. 2. Context - Ask a customer to report what they did in the past and you are likely to get something that bears only a loose resemblance to reality. 3. Constraints - One of the time-tested paths to growth is to develop an innovative means around a barrier constraining consumption.

13. 4. Compensating behaviors - One of the biggest challenges facing the would-be innovator is determining whether a job is important enough to consider targeting.  5. Criteria - Customers look at jobs through functional, emotional, and social lenses. 

14. Ideas Germination - It is the stage where the entrepreneur recognizes that an opportunity exists. The idea germination takes place according to interest, curiosity of the entrepreneur according to which opportunity is explored and exploited to its best potential. Solve Problems Easily  Increase Your Productivity Market Your Business Beat Your Competitors Product Innovation

15. 1. Solve problems easily - You need to come up with creative answers to solve certain problems in your business. 2. Increase your productivity -You will be surprised by the combination of ideas that work together to make productivity plans that work for your company. 3. Market your business - You can use various creative ideas and innovation to make your business stand out from the crowd.

16. 4. Beat your competitors - You just need to put in a little creativity and you can easily come up with better ways to design products and connect with customers. 

17. What is Niche? - is a specialized or focused area of a broader market that businesses can serve to differentiate themselves from the competition.

18. Five-step niche strategy Select your target audience.  To identify your niche, you can begin by selecting the general market. 2. Define an unmet or underserved need.  Analyze your target audience and identify gaps in the marketplace. 3. Research your customer base.  Walters and Woodley both emphasized researching your target audience to understand their needs, goals, motivations, frustrations and expectations. 4. Create your business plan.  Woodley said to create a plan in which you define exactly what you’ll provide and the need it will meet, describe your ideal customer, and decide on a pricing model. 5. Market your business to your specific audience.  Just as your product or service is niche, your marketing efforts should be focused as well.

19. Create a flow chart on how you perform your strategies/ideas to develop your own business in the future

20. “Business opportunities are like buses, there’s always another one coming.” - Richard Branson

21. “I can’t, How can I?” Let's watch this video.

22. Thank you😊